87R15883 SRA-F
By: Parker, Anchia, Stephenson, Capriglione, H.B. No. 4131
Perez
A BILL TO BE ENTITLED
AN ACT
relating to the self-directed and semi-independent status of the
State Securities Board; authorizing fees.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 472.001, Government Code, is amended to
read as follows:
Sec. 472.001. APPLICABILITY OF CHAPTER. This chapter
applies to:
(1) the Texas State Board of Public Accountancy;
(2) the Texas Board of Professional Engineers and Land
Surveyors; [and]
(3) the Texas Board of Architectural Examiners; and
(4) the State Securities Board.
SECTION 2. Subchapter A, Chapter 4002, Government Code, as
effective January 1, 2022, is amended by adding Section 4002.003 to
read as follows:
Sec. 4002.003. SELF-DIRECTED AND SEMI-INDEPENDENT STATUS.
The State Securities Board has self-directed and semi-independent
status as provided under Chapter 472.
SECTION 3. Section 4002.057, Government Code, as effective
January 1, 2022, is amended to read as follows:
Sec. 4002.057. PER DIEM. A member of the board is entitled
to reimbursement for travel expenses incurred [a per diem as set by
legislative appropriation] for each day the member engages in the
business of the board.
SECTION 4. Section 4002.058(c), Government Code, as
effective January 1, 2022, is amended to read as follows:
(c) A person appointed to the board is entitled to
reimbursement[, as provided by the General Appropriations Act,] for
travel expenses incurred in attending the training program
regardless of whether the attendance at the program occurs before
or after the person qualifies for office.
SECTION 5. Section 4002.101, Government Code, as effective
January 1, 2022, is amended to read as follows:
Sec. 4002.101. SECURITIES COMMISSIONER. (a) The board
shall appoint a securities commissioner who serves at the pleasure
of the board and who, under the board's supervision, shall
administer this title.
(b) The board shall determine the commissioner's salary.
SECTION 6. Subchapter C, Chapter 4002, Government Code, as
effective January 1, 2022, is amended by adding Section 4002.1045
to read as follows:
Sec. 4002.1045. BOARD EMPLOYEES. The commissioner shall
determine the number of board employees and the employees'
salaries.
SECTION 7. Subchapter D, Chapter 4002, Government Code, as
effective January 1, 2022, is amended by adding Section 4002.164 to
read as follows:
Sec. 4002.164. REPORT TO BOARD. Periodically, the
commissioner shall submit to the members of the board, as directed
by the board members, a report of the receipts and expenditures of
the agency.
SECTION 8. Section 4006.001, Government Code, as effective
January 1, 2022, is amended to read as follows:
Sec. 4006.001. CERTAIN REGISTRATION AND NOTICE FILING FEES.
The board shall establish the following fees to produce [in amounts
so that the aggregate amount that exceeds the amount of the fees on
September 1, 2002, produces] sufficient revenue to cover the costs
of administering and enforcing this title:
(1) for filing an original, amended, or renewal
application or registration statement to sell or dispose of
securities[, an amount not to exceed $100];
(2) for filing an original application of a dealer or
investment adviser or submitting a notice filing for a federal
covered investment adviser[, an amount not to exceed $100];
(3) for filing a renewal application of a dealer or
investment adviser or submitting a renewal notice filing for a
federal covered investment adviser[, an amount not to exceed $100];
(4) for filing an original application for each agent,
officer, or investment adviser representative or submitting a
notice filing for each representative of a federal covered
investment adviser[, an amount not to exceed $100]; and
(5) for filing a renewal application for each agent,
officer, or investment adviser representative or submitting a
renewal notice filing for each representative of a federal covered
investment adviser[, an amount not to exceed $100].
SECTION 9. Section 4006.103, Government Code, as effective
January 1, 2022, is amended to read as follows:
Sec. 4006.103. PAYMENT OF CERTAIN COSTS. A cost incurred by
the board in administering or enforcing this title may be paid only
from a fee collected under Section 4006.001.
SECTION 10. Section 4006.104, Government Code, as effective
January 1, 2022, is amended to read as follows:
Sec. 4006.104. REFUND OF REGISTRATION FEE. If the
commissioner or board determines that all or part of a registration
fee should be refunded, the [commissioner may make the] refund
shall be made by warrant on the state treasury from the fund into
which the registration fee was deposited [money appropriated from
the general revenue fund for that purpose].
SECTION 11. Subchapter A, Chapter 4007, Government Code, as
effective January 1, 2022, is amended by adding Section 4007.003 to
read as follows:
Sec. 4007.003. REPRESENTATION BY ATTORNEY GENERAL. (a)
The attorney general may assess and collect from the commissioner
or the board reasonable attorney's fees associated with any legal
representation requested by the commissioner and provided by the
attorney general.
(b) Notwithstanding any other law, a requirement that the
attorney general represent an agency in any litigation does not
apply to a proceeding under this title that is governed by Chapter
2001.
SECTION 12. Effective January 1, 2022, the following
provisions of the Government Code, as effective January 1, 2022,
are repealed:
(1) Section 4002.001;
(2) Section 4002.155;
(3) Section 4002.163;
(4) Section 4006.101; and
(5) Section 4006.251.
SECTION 13. Subject to Chapter 472, Government Code, the
appropriations made to the State Securities Board by an Act of the
87th Legislature, Regular Session, 2021, may be spent by the State
Securities Board as the securities commissioner directs. The board
shall repay to the general revenue fund the appropriation made to
the agency for the state fiscal year ending August 31, 2022, not
later than that date and as funds become available. The board shall
repay to the general revenue fund the appropriation made to the
board for the state fiscal year ending August 31, 2023, not later
than that date and as funds become available.
SECTION 14. The transfer of the State Securities Board to
self-directed and semi-independent status under this Act and the
expiration of self-directed and semi-independent status may not act
to cancel, suspend, or prevent:
(1) any debt owed to or by the State Securities Board;
(2) any fine, tax, penalty, or obligation of any
party;
(3) any contract or other obligation of any party; or
(4) any action taken by the State Securities Board,
the securities commissioner, or the board's employees in the
administration or enforcement of the agency's duties.
SECTION 15. The State Securities Board shall continue to
have and exercise the powers and duties allocated to the board in
the board's enabling legislation, except as specifically amended by
this Act.
SECTION 16. Title to or ownership of all supplies,
materials, records, equipment, books, papers, and furniture used by
the State Securities Board is transferred to the State Securities
Board in fee simple. This Act does not affect any property owned by
the State Securities Board on or before the effective date of this
Act.
SECTION 17. Beginning January 1, 2022, the State Securities
Board shall pay rent to this state in a reasonable amount to be
determined by the Texas Facilities Commission for its use and
occupancy of state-owned office space.
SECTION 18. This Act takes effect January 1, 2022.